UAE commits $50m to development fund

Islamic Development Bank

The UAE has committed $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a multi-donor initiative targeting sustainable economic development in the Islamic Development Bank’s (ISDB) 57 member countries.

The funding will be deployed by LLF 2.0 to support critical projects in health and infectious diseases, agriculture, and social infrastructure in low and lower-middle income member countries supported by Jeddah-headquartered ISDB.

It will also support climate adaptation efforts and empowerment of women and girls.

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The new funding aims to support 32 member countries in achieving 10 of the 17 sustainable development goals.

The financing will be administered by the state-backed Abu Dhabi Fund for Development, in addition to the $50 million the UAE has contributed to the LLF since its launch in 2016.

“Through LLF 2.0, we will focus on climate-smart agriculture, primary care, underfunded social services, and infrastructure investment,” Mohamed Saif Al Suwaidi, Director General, Abu Dhabi Fund for Development, said.

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Established in 2016, LLF is a joint effort of the ISDB, Abu Dhabi Fund for Development, Bill & Melinda Gates Foundation, Islamic Solidarity Fund for Development, King Salman Relief Humanitarian Aid and Relief Centre and Qatar Fund for Development.

The first phase of the fund invested over $1.4 billion across 22 ISDB member countries.

LLF 2.0 was launched in May 2023, with the Islamic Solidarity Fund for Development committing $150 million, while the Bill & Melinda Gates Foundation up to $100 million.